PRS for Music announced its financial results for 2015 in early May, but now the official filings have emerged through Companies House in the UK.
They confirm the topline figures already revealed – revenues up 4.7% year-on-year to £537.4m – but provide more details on other aspects of the collecting society’s performance in 2015.
Its licensing and administrative expenses increased from £76.5m in 2014 to £79.9m in 2015, which alongside other costs and income left PRS for Music with £472.5m of net distributable income – up 4% year-on-year.
The geographic breakdown reveals that £333.3m of PRS’ revenues came from the UK; £129.2m from Europe – insert Brexit-impact speculation here – and £41.3m from North America.
PRS saw its average headcount fall slightly from 615 in 2014 to 611 in 2015, with £31.5m of wages and salaries costs averaging out at £51.6k per employee. As the highest-paid director, CEO Robert Ashcroft’s remuneration rose from £765k in 2014 to £989k in 2015, including a deferred bonus of £257k.
The financials also reveal that PRS for Music has cut the net deficit on its reserves from £64.4m in 2014 to £50.4m at the end of 2015, due in part to the deficits on the two defined benefit pension schemes funded by PRS for Music.
The society says it has “agreed with the Board of trustees of the two schemes a deficit recovery plan that is intended to fully fund the schemes before the end of 2024”. The filing also confirms that negotiations remain underway with MCPS to review the two bodies’ service-agreement terms.